Larry Fink is the CEO of the world’s largest asset manager, BlackRock Inc. (NYSE: BLK). The finance titan is diving deeper into cryptocurrencies, first through Bitcoin (BTC) and now turning its eyes to Ethereum (ETH).
BlackRock’s CEO appeared on CNBC to discuss the company’s focus on infrastructure, following a “macro trend,” in his words.
Notably, Larry Fink addressed investments in the cryptocurrency market and the recently approved Bitcoin spot ETF with its redemption model. However, the spotlight went to Fink’s forecast of an Ethereum spot ETF approval, which he sees as likely to happen.
“I see value in having an Ethereum ETF. As I said, these are just stepping stones towards tokenization. I do believe this is where we will be going. We have the technology to tokenize today. (…) This eliminates all corruption by having a tokenized system.”
— Larry Fink, CEO at BlackRock Inc.
Ethereum (ETH) price analysis amid BlackRock’s support
In this context, Travis Kling commented on BlackRock’s impressive ability to drive the Bitcoin ETF narrative. Kling believes the market is about to see a similar push towards the now-mentioned Ethereum ETF, with Larry Fink leading the herd.
Unsurprisingly, Ethereum’s price already illustrates these optimistic expectations, breaking from a yearly downtrend against Bitcoin, up 26% in 3 days. As of writing, ETH is valued at 0.0607 BTC or $2,660 per token.
Other cryptocurrencies mirrored this reaction, driving Bitcoin’s market cap dominance to yearly lows and fuelling altcoins’ rallies for trending projects.
Interestingly, BlackRock’s new focus on Ethereum and tokenization aligns with the company’s infrastructure investment strategy. In the crypto realm, ETH is the leading Web3 infrastructure — home of hundreds of other projects and apps.
Nevertheless, Larry Fink refused to further comment on a possible Ethereum ETF approval by Gary Gensler and the SEC.
All things considered, the market should expect the risen narrative to dominate in the coming months if the pattern repeats. An increased interest in Ethereum could positively bring demand and value to the native token ETH and its price.
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Source: https://finbold.com/eth-price-prediction-as-blackrocks-ceo-sees-value-in-ethereum-spot-etf/